Housing.com has been in the news recently for all sorts of wrong reasons, mostly because of its eccentric CEO Rahul Yadav. The company however seems to be putting an end to all this, and has reportedly fired Yadav, Economic Times reports. Update: Housing.com has released an official statement regarding the sacking of Rahul Yadav. (see below)
According to the publication, the decision to fire Yadav was taken during a board meeting in Mumbai. The reason behind the sacking is said to be Yadav’s “behavior towards investors, partners and the media.” This is how Yadav react to the firing.
Last week reports claimed that Yadav had sent an email to the board members that he was ready to step down as CEO. But such reports were denied by Yadav. He has been courting many controversies recently earning the title of being the ‘Arvind Kejriwal of Indian Tech startups’. From giving up all of his shares to employees, to asking Zomato CEO Deepinder Goyal and Ola Cabs CEO Bhavish Aggarwal to do the same – he has earned quite an reputation in a short span of time.
“Rahul was on probation from the last time he resigned, and when he didn’t meet targets set by the investors, he was asked to leave,” an investor told the publication. In the meantime, the company has started searching for an interim CEO.
Yadav, along with his IIT Bombay friends started Housing.com in 2012. The company is now valued at Rs 1,500 crore and has gained $120 million is total funding so far. Yadav, along with his IIT Bombay friends started Housing.com in 2012. The company is now valued at Rs 1,500 crore and has gained $120 million is total funding so far. Recent reports also claim that online classifieds portal Quikr is said to be looking to buy Housing.com for Rs 1,100 crore ($175 million).
Rahul Yadav released as CEO of Housing
Senior executives will work in tandem with the Board to ensure smooth functioning
Mumbai based online realty platform, Housing.com,(Housing) has released its CEO Rahul Yadav, with immediate effect, after a regular board meeting, held earlier today. Yadav who is also the co-founder of the company, will no longer be an employee of Housing and be associated with the company in any manner, going forward.
The Housing Board, unanimously agreed to bring Yadav’s tenure to a close, with reference to his behavior towards investors, ecosystem and the media. The Board believed that his behavior is not befitting of a CEO and is detrimental to the company, known for its innovative approach to product development, market expansion and brand building.
While the search for an interim CEO is underway, a transition plan has been put in place, The current senior executives of Housing will continue to run the operations on a daily basis, and ensure its continued smooth functioning. The Board and the Operating Committee will remain closely involved with all key decisions.
The Housing Board, investors, management team and employees are keen to see Housing maximize its huge potential in India and beyond, as well as run in professional and world class manner. This is part of their larger commitment to India and the start-up ecosystem, which together remains unaffected and as strong as ever.
The Board thanks Yadav for his contributions and wishes him well, in his future endeavors.